Why Palantir Stock Soared in May

Shares of Palantir Technologies (NASDAQ: PLTR) were up in May. The company's stock finished the month up 11.3%. The move came as the S 500 (SNPINDEX: ^GSPC) was up 5.5% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was up 7.9% during the month.

The artificial intelligence (AI)-powered data analytics company released mostly positive earnings and announced several key new partnerships, and CEO Alex Karp accompanied President Trump on a trip to Saudi Arabia.

Palantir reported Q1 earnings per share (EPS) of $0.13 on sales of $884 million. That revenue figure was up 39% year over year (YOY), beating Wall Street expectations. There was some cause for concern, however, as global sales declined 10% YOY.

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Source Fool.com